Have first approval from Bank of American - they also approved HAFA and giving $8500 to 2nd - Wells Fargo Home Equity
Got a call today stating that Wells denied HAFA and wants bank of america to change??? Said it was due to seller showing to high in financials, but again 1st saw same documents and bank statements and approved?? Has anyone has this happen before?
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What is the outstanding loan balance on the Wells Fargo 2nd?
$42,879.47 - so they are basically getting 20%!!
What program does Wells Fargo want BofA to change to?
they either want to go traditional short sale or co-op - co-op is maybe though. I called the first and they said they have never had this happen either - said they approved and 2nd should follow?
Wells Fargo wants more than 20% because this is a home equity loan. They probably want 50% or more and they cannot get that with HAFA.
Thanks Jim. I am going to try to fight it and escalate it....I'll let you know how it turns out!
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